Global Cloud Services Market

Cloud Services Market Size, Share, Growth Analysis, By Service Model(Infrastructure as a Service (Primary Storage, Disaster Recovery and Backup, Archiving, Compute)), By Deployment Model(Private, Hybrid, Public, Others), By Enterprise Size(Large Enterprise Size, Small & Large Enterprise Size), By Vertical(BFSI, IT & Telecommunications, Government, Retail), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45E2130 | Region: Global | Published Date: July, 2024
Pages: 197 | Tables: 62 | Figures: 77

Cloud Services Market Dynamics

Cloud Services Market Drivers

More People Are Using Cloud Services due to its Superior Properties

  • Making the switch to cloud computing offers financial benefits like cost-cutting and a decrease in capital expenditures. With cloud computing services, the cost of purchasing physical IT resources is reduced, reducing the need for capital expenditure. A solid method for lowering total running expenses is to establish cloud services properly, whether they be in the form of private, public hybrid, or community clouds.
  • A study by the Microsoft Corporation found that small and medium-sized businesses contributed more than 76% to the GDP of all countries. Another study found that 79% of business owners said technology might make work more enjoyable. The majority of SMB IT businesses use the cutting-edge technology of cloud computing services to expand their operations and make a name for themselves across many geographies. Numerous functional advantages are provided by cloud computing services, which also actively contribute to the market growth of cloud services as a whole. The functional advantages of cloud computing include distributed resources, the absence of upgrading and installation tasks, and the effective utilisation of IT employees. The user benefits from the removal of routine upgrades and installations because upgrading, patching, and Installations of add-ons are handled by the service provider.

Cloud Services Market Restraints

Security Breach to Hinder Market Growth

  • While cloud computing has numerous benefits, it also addresses some risks. The securitization of sensitive data is a significant barrier to the market for cloud computing. Large-scale data exchange is made possible by the cloud computing platform. But businesses are hesitant to save their private information in the cloud. As a result, the company is more exposed to information loss and data breaches. The privacy concerns of the organisation may suffer significant harm from hackers and unreliable personnel. Private clouds are typically seen as being more secure than other forms of clouds.
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FAQs

Global Cloud Services Market size was valued at USD 484.23 billion in 2022 and is poised to grow from USD 565.58 billion in 2023 to USD 1959.01 billion by 2031, at a CAGR of 16.8% during the forecast period (2024-2031).

The most effective means for businesses to advance their technology capabilities and gain quick access to expanding markets are anticipated to be alliances, strategic mergers, and acquisitions. 'Amazon Web Services (AWS) (United States)', 'Microsoft Azure (United States)', 'Google Cloud Platform (United States)', 'Alibaba Cloud (China)', 'IBM Cloud (United States)', 'Salesforce (United States)', 'Oracle Cloud (United States)', 'SAP Cloud Platform (Germany)', 'VMware Cloud (United States)', 'Rackspace (United States)', 'Adobe Experience Cloud (United States)', 'ServiceNow (United States)', 'Cisco Cloud Services (United States)', 'Dell Technologies Cloud (United States)', 'Hewlett Packard Enterprise (HPE) Cloud (United States)', 'Box (United States)', 'Dropbox (United States)', 'Red Hat OpenShift (United States)', 'Tencent Cloud (China)', 'Fujitsu Cloud (Japan)', 'NTT Communications Cloud (Japan)', 'CenturyLink Cloud (United States)'

Making the switch to cloud computing offers financial benefits like cost-cutting and a decrease in capital expenditures. With cloud computing services, the cost of purchasing physical IT resources is reduced, reducing the need for capital expenditure. A solid method for lowering total running expenses is to establish cloud services properly, whether they be in the form of private, public hybrid, or community clouds.

Organizations are increasingly adopting hybrid and multi-cloud strategies, combining public and private cloud services to meet their specific requirements. Hybrid cloud environments allow businesses to leverage the benefits of both public and private clouds, optimizing flexibility, scalability, and security. Multi-cloud approaches involve using multiple cloud service providers to avoid vendor lock-in and enhance redundancy and resilience.

In 2022, North America dominated the industry globally and was responsible for the largest portion of the total revenue, or more than 39.45%. The American corporate sector places a high priority on digital transformation and is frequently credited with being an early adopter of technologies like big data analytics, augmented reality (AR), artificial intelligence (AI), virtual reality (VR), machine learning, and 4G, 5G, and LTE. As more American businesses use diverse technology, this fosters the expansion of the cloud computing industry. Due to the presence of numerous suppliers, including as Oracle Corp., Microsoft Corp., International Business Machines Corp. the region is predicted to keep its place in the sector.

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Global Cloud Services Market

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